Turkish Airlines invests $2.3 billion in new projects

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• Russia attacks two Ukrainian ports, Kyiv says

  Officials from Ukraine said that Russia had attacked two'seaports' in the Odesa region of Ukraine on Wednesday. One person was killed and eight injured. In recent weeks, Russia has attacked Ukraine's port and foreign-flagged ships sailing from it. This is after Vladimir Putin promised to cut Ukraine from the sea as a retaliation for Kyiv's attacks on unregulated oil tanks sailing to Russia. The Ukrainian'seaport' administration stated that the ports attacked were Chornomorsk & Pivdennyi. Both are 'key export arteries' for Ukraine's commodities-heavy economy. Oleksiy Kulba, deputy prime minister of Ukraine, said: "This is another attack on port infrastructure by a terrorist country that has a role in ensuring global food security." Ukraine's Seaports Authority said on Wednesday that Moscow will attack the Odesa area seaports 96 more times in 2025 than it did in 2024, a nearly three-fold increase. Kuleba stated that the Wednesday attacks damaged port facilities, administrative buildings, and tanks containing vegetables oil. He added that the ports continued to operate while the damage was being repaired. Russia increased its strikes on Ukrainian port in December after Ukraine carried out?strikes against empty "shadow fleet tankers" that?Moscow used to ship their oil to buyers despite Western sanction. Kyiv has long tried to curb this revenue stream that it claims is funding Russia's conflict in Ukraine. Reporting by Yuliia Dyesa. Max Hunder wrote the article. Editing by Hugh Lawson, Mark Potter and Hugh Lawson.

• Saudi stocks gain after regulator opens market to foreign investors

  Saudi Arabia led Gulf stocks higher in the early trade of Wednesday after the kingdom announced that it would open its capital market to all categories foreign investors next month. Saudi Arabia's benchmark index of stocks rose by as much as 2,5% intraday, the biggest intraday gain it has seen in over three months. All constituents also advanced. Gains were led by the consumer discretionary, healthcare and finance sectors. Al Rajhi Bank, a heavyweight, climbed by 2.1% while Saudi Aramco, a major oil company, gained 1.1%. Saudi Tadawul Group, an exchange operator, jumped up to?7%. This is the sharpest increase since late September. The rally came after a Tuesday statement by the 'Capital Market Authority', which said that all foreign investors would be able invest directly on the main market starting Feb. 1, 2026. This is because the regulator has scrapped the 'Qualified Foreign Investors" regime and has removed the rules that limited access. The CMA stated that the measures are designed to increase the number of foreign investors, improve liquidity and support inflows. It added that the holdings of foreign investors will exceed 590 billion Riyals ($157.3 billion), up from 498 riyals by the end-Q3 2020. Dubai's benchmark index of?stocks rose 0.1%. This was boosted by an increase in Air Arabia stock price of 2.9% and the tolls operator,?Salik?s 0.5% gain. The Abu Dhabi benchmark index remained unchanged as falls in consumer staples, technology and utilities offset gains elsewhere. Alpha Data and Presight AI fell 0.9% and 1.2% respectively, while Alpha Dhabi Holding gained 0.6% and Dana Gas 3.4%. A survey released on Tuesday showed that the UAE's private non-oil sector continued to grow robustly in December despite a slight slowdown from the previous months. Qatar Aluminum Manufacturing gained 1.3% and Qatar Islamic Bank 0.6%. Qatar Gas Transport fell 1%.

• Gaza ceasefire boosts Israel's main airport passenger numbers

  Israel Airports Authority reported on Tuesday that passenger traffic at Ben Gurion International Airport, near Tel Aviv, rose by 33% in 2025. This reflects the return of many foreign airlines after they halted flights for two years during the Gaza War. A ceasefire brokered by the United States in October allowed carriers that had not resumed Tel Aviv routes to begin flying to Israel. In December, passengers increased by 59%. The airport handled 21.8 million passengers in 2023, the year war broke out after Hamas' October 7 attacks. In 2023, when war broke out after Hamas's October 7th attacks, the airport handled 21.8 millions passengers. El Al Israel Airlines' market share dropped from 48% to 37%, despite a 5% increase in passengers. El Al has posted steep increases in revenue and profits as a consequence of the conflict in which only a few carriers operated. El Al was followed by smaller rivals Israir with a 11% share of the market and Arkia, at 9%. Wizz Air had 1.23 million passengers in Israel, which is double the number of passengers it had in?2024. This represents a 7 percent market share. Wizz Air is looking to establish a hub within Israel. Aegean Airlines, flydubai, Etihad Airways, Lufthansa, and United Airlines all saw significant increases in passengers last year. Israel's Statistics Bureau reported that?tourist numbers in Israel increased 38% to 1.34 millions by 2025, but were still below the level of 3.24million for 2023. Israelis' outgoing tourism grew by 33% last year to 9.42 millions. Gaza war began in October 2023. The ceasefire has stopped most of the fighting but not all. Gaza's health officials report that Israeli airstrikes have killed over 400 Palestinians since the agreement was reached, most of whom were civilians. Palestinian militants also killed three Israeli soldiers. Both sides accuse each other of breaking the agreement's terms. (Reporting and editing by Steven Scheer)

• Radio frequency failures cause flight cancellations in Greece, leaving thousands stranded

  Flights in Greece were grounded Sunday after a 'collapse of radio frequency crippled the air traffic communication. This left thousands of travellers stranded and brought airport operations to an end. The cause of the disruption was not clear. It began early on Sunday morning and rapidly escalated. The civil aviation authority of Greece said that some overflights in Greek and regional airspace are still being serviced. However, airport operations have been restricted for safety purposes. Dozens were affected. Panagiotis Psarros of the Association of Greek Air Traffic Controllers told ERT that "for some reason, all frequencies were suddenly gone.. we couldn't communicate with aircraft in flight." He stated that the problem appeared to be the 'collapse of the central radio frequency systems? at the Athens-Macedonia area control system, the largest aircontrol facility in the nation based in Athens. It monitors Athens Flight Information Region - a vast area of airspace controlled by Greek authorities. Flight tracking showed that the Greek airspace is largely empty. ERT reported that airport 'arrivals and departs' were suspended at 9 a.m. (0700 GMT) local time, reporting from a departures hall at Athens Eleftherios Venizelos Airport?crowded with travelers. "We've not been told the cause of the problem... the equipment we have is almost ancient." Psarros stated that they had raised the issue many times before. An official from the Transport Ministry told us that some aircraft headed north or east were allowed to depart. An official reported that more than 75 flights had been delayed. A spokesperson for the Israel Airports Authority said that Greek airspace was closed until 4:00 pm local time (1400 GMT). The spokesperson warned travellers to expect delays on arrivals and departures. (Reporting and editing by Hugh Lawson, Ros Russell and Hugh Lawson; Additional reporting in Israel by Steven Scheer and Renee Maltezou;

• Russian Railways to reduce spending by 20% by 2026

  Russian Railways announced on Monday that the board of directors has approved spending for 2026 of 713.6 billion rubles ($9.15 billion), down from this year's 890.9 billion roubles. The Russian government is looking at ways to support the country's largest commercial employer. This company has accumulated a?debt pile of 4 trillion roubles ($50.8 billion), despite falling revenues caused by a sharp drop in Russia's war economy. Russian Railways announced that 531.4 billion rubles of the approved expenditure will go towards maintaining the 'infrastructure, safety and security. Another 161.7 billion roubles is earmarked for the purchase of railcars, and 120 billion will go toward the construction a high-speed rail link between Moscow and St Petersburg. In an interview, Andrei Kostin, the CEO of VTB and Russia's largest bank, Russian Railways, said that keeping investments high was one of the most important issues in debt restructuring discussions. Russian?Railways? 2025 spending is still very low compared to last year's record, when it was 1.5 trillion roubles.

• Sources say that a drone struck a Russian-bound tanker in the Black Sea.

  According to an alert from Lloyd's List Intelligence on Thursday and another maritime security source, a Russia-bound oil ship suffered a drone strike in the Black Sea. This prompted them to ask for Turkish coastguard help and divert their course. Lloyd's List Intelligence, a maritime data specialist, said that the Elbus, a Palau-flagged vessel, "experienced a unmanned marine vehicle and drone attack on Wednesday targeting its engine room." No injuries or pollution were reported by the 25 crew members. A security source based their assessment on a drone attack. The incident was not clear. Late November, insurance rates for shipping rose after Ukrainian?drones? hit two Russia bound tankers?in the Black Sea. The incidents prompted Moscow and Ankara, respectively, to issue threats of retaliation, while Ankara urged calm. In early December, a vessel flying the Russian flag claimed that it was also attacked at sea. However, Kyiv denied that they were involved. When asked about Elbus, the Security Service of Ukraine didn't respond. The Turkish Transport Ministry was not available for comment. The Russian Embassy in Ankara did not respond to a request for comment. The Black Sea is crucial for shipping grain, oil, and oil products and its waters are shared with?Turkey. Russia. Ukraine. Bulgaria. Georgia. The Lloyd's notice stated that the vessel would be heading to Novorossiysk, Russia on Wednesday from Singapore. Marinetraffic data revealed that the Elbus sat down a few kilometers off the northern Turkish town of Inebolu, on Thursday. It had diverted its course from an earlier one to the east across the Black Sea. Lloyd's reported that the ship dropped anchor on its own at Inebolu Anchorage. The Inebolu Harbour Master did not answer calls.

• Bousso: Trump's "Donroe doctrine" could cost US oil companies their jobs if it targets China.

  Donald Trump has announced his intention to import Venezuelan oil that was previously sanctioned into the U.S. This will disrupt the global energy game plan and highlight the seriousness of Trump's administration's ambitions to dominate the Western Hemisphere. This "Donroe doctrine" - Trump's rebranding a 19th century doctrine that asserted Washington’s zone of influence throughout the Americas - may ultimately target China. But?U.S. Oil companies may suffer unintended consequences. Trump said on Tuesday that Caracas had agreed to export $2 billion of Venezuelan crude oil to the U.S. It was only days after the U.S. ousted Venezuelan president Nicolas Maduro, and demanded that the Latin American nation open its energy sector to American oil firms - or face further military intervention. Trump announced in a post on social media that Venezuela would "turn over" 30 to 50 million barrels sanctioned oil. Although the timeframe of the deal has not been revealed, it is likely that shipments will begin soon. Chris Wright, the Energy Secretary of the United States, said that U.S. Needs to Control Venezuelan oil revenues and sales will be used to fuel the desired changes in Venezuela. Trump's plan is primarily aimed at China, who accounted for around 400,000 barrels of oil per day in Venezuela's exports last. According to Kpler, this is more than 50% of Venezuela's total oil exports and two-thirds according to ROI calculations. The U.S. could seize the equivalent of four months' worth of Chinese oil supplies, and about 55 days of Venezuelan production, which is currently around 900,000 barrels per day. The Trump administration also reportedly instructed Venezuela's interim President Delcy Rod to cut economic ties with China. PetroSinovensa is the largest Chinese oil asset in Venezuela. It's a joint venture between Venezuelan state-owned PDVSA, and China National Petroleum Corp. The JV is located in the Orinoco Belt, and produces around 65,000 barrels per day. The Trump administration's actions against Venezuela are part of a broader geopolitical plan. This is more than just rerouting barrels that were originally destined for China's refiners. Bob McNally is a former White House official and president of Rapidan Energy Group, a consultancy. He says that it'signals President Trump’s intention to push China and Russia out of their strongholds in Venezuela. "DONROE DOCUMENT" IN ACTION The White House released its National Security Strategy late last year. The document called for a cementing of U.S. power in the Western Hemisphere, by pushing out rivals and restoring American control on energy and supply chains. The "Donroe Doctrine", as it is known, is a reference to the former U.S. president James Monroe's 1823 declaration that the Americas would no longer be open for future colonisation by European countries. Trump's threats to seize Greenland this week, an Arctic island that is a part of Denmark and has its own self-governing government, also align with these ambitions. Investors may want to take the White House national security strategy, and its words, more seriously. He told reporters that the "dominance of America in the Western Hemisphere" would never be questioned again. BLOWBACK FROM BEIJING U.S. oil companies are in a tough position because of the American actions in Venezuela. Exxon Mobil and Chevron, for example, could be facing legal issues if they enter into an agreement with Venezuela's government to invest in assets that were previously owned by Chinese or Russian firms. Trump's unilateral action could also lead to China's retaliation, which would put the assets of U.S. firms abroad at risk. U.S. major oil companies have a number of joint ventures with Chinese firms. Exxon, for example, wholly owns and runs a massive petrochemical facility in southern China that began operations last year after a $10 billion investment. Chevron also owns stakes?in joint ventures upstream in China, as well as in downstream operations for fuels and oils. Both companies have also signed large contracts for the supply of liquefied gas to Chinese customers. Of course, the risk extends beyond China. If American companies are increasingly seen as state-owned, host governments may be more reluctant to work with them. Although the U.S. President may not see any downside to ignoring international conventions and rules, American companies might. Subscribe to my Power Up newsletter to receive my weekly column, plus additional energy insights, and links to trending articles every Monday and Thursday. Subscribe to my Power Up Newsletter here. You like this column? Open Interest (ROI) is your essential source for global commentary on financial markets. ROI provides data-driven, thought-provoking analysis. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.

• Local distributor reports that Dongfeng, a Chinese automaker, is in talks with Turkey's local distributor to manufacture passenger cars.

  The Turkish distributor of China's Dongfeng Motor said that the company is in discussions with an investor to produce passenger cars in Turkey. Turkey is a large market with an annual sales volume of 1.4m vehicles. It also has a customs-free trade agreement with the EU. Chinese imports of cars to Turkey are subject to additional taxes, and Chinese automakers including Chery are seeking to set up production in Turkey with local partners. In a LinkedIn statement, Yavuz Cirak said, "We're working hard to begin production this year." Cirak is the CEO of Dongfeng’s local distributor,?Marcar, and was a part of the talks. A?request for a comment from Dongfeng Motor was not responded to immediately. The investor has secured a production facility. However, a final investment decision is not yet guaranteed. Talks are still ongoing. Marcar will oversee local sales, and support the cars. When contacted by? On Wednesday, Cirak declined to identify the investor invoking a confidentiality agreement. On Monday, a post was made on the Turkish Instagram account of Dongfeng luxury car brand Voyah stating that local production of a new hybrid model is in the works. Despite high taxes, Turkish car sales reached a new record in the last year thanks to an increasing adult population and electric vehicle demand. BYD, a Chinese manufacturer, is expected to begin production in Turkey by the end of 2026. Can Sezer is reporting; Zoey Zhang and Mirac Eren dereli are providing additional reporting from Shanghai and Gdansk, respectively; Darin Butler and Elaine Hardcastle are editing.

• Dozens Italian tourists evacuated by Yemeni island

  The Italian Foreign Ministry announced that it has started repatriating its citizens who were stranded in the Yemeni Island of Socotra. A first flight carrying 46 tourists is due to land in Jeddah, Saudi Arabia, on Wednesday. As authorities continue to work with Yemen and Saudi Arabia, another 59 Italians are still on the island. They will be returning on additional flights within a few days. Saudi authorities will issue a transit visa for the Italians to facilitate their return. Last week, the United Arab Emirates?withdrew their troops from Yemen in response to a Saudi Arabian deadline. They also left behind Socotra, a remote island off Yemen that had been inhabited by 600 tourists. The main airport on the island halted air traffic as the crisis between Saudi Arabia and the UAE intensified, resulting in a new conflict on the mainland of Yemen where the two Gulf countries are supporting opposing factions in the civil war. Socotra, which is located more than 300 kilometers (185 miles) south of Yemen’s coast and was only accessible by air until recently via the UAE, has been a refuge of calm during the conflict on the mainland. (Reporting and writing by Cristina Carlevaro, Editing by Janet Lawrence).

• Parisians take to the ski slopes as snow clogs Europe's roads

  Snow and ice brought misery for travellers in north-west Europe on Wednesday, but joy to others who set off to explore a snowy Paris on skis and sledges. Storm Goretti, which blew in from the Atlantic Coast, hit Paris at dawn, with heavy snowfall that caused further flight cancellations, traffic jams, and transport disruption. As shops prepared for the first New Year's sales, the city's buses were suspended. Tourists and locals alike enjoyed the rare sighting of snow-covered Paris. Some even took the opportunity to ski along the Champs de Mars gardens and down the slopes at Montmartre. "It's exceptional, it's incredible. We're having a great time. "We also saw a lot of tourists, and they looked so happy," said Pierre a Parisian admiring the snowy landscape. Some people used plastic bags or sledges to slide down any slope they could find. The French Weather Office has warned that snow will fall across northern France on Wednesday. AIRLINE KLM WARNS OF DE-ICING FLUIDS RUNNING OUT Dutch airline KLM has cancelled?600 flights at Amsterdam Schiphol Airport on Wednesday, the sixth day in a row of disruptions at one of Europe?s busiest hubs. KLM warned that it was running out of de-icing liquid for its jets. Delays in supplies made it difficult to replenish stocks. In France, there were no shortages reported. The French civil aviation authority has asked airlines to reduce flights by 40% at Paris' main airport, Charles de Gaulle, and 25% at Orly. Eurostar, the train operator, also reported major delays and cancellations at Brussels' international airport. PEOPLE ARE TOLD TO WORK AT HOME Dutch authorities encouraged people to work at home. French officials, meanwhile, banned trucks and buses in a third all administrative departments in France. Carrefour CEO Alexandre Bompard stated that the truck ban will cause some disruption to supermarket supply chains in particular fresh produce. In Germany and further east, temperatures fell below minus 10° Celsius (14° Fahrenheit) on Wednesday. However, traffic disruptions have been minimal. Snow and unusually cold temperatures have also affected Spain, causing the suspension of a commuter train line near Madrid as well as the disruption of more than 40 roads throughout?the entire country. Passengers trapped on a train in Croatia Overnight, heavy snow and rain caused travel disruptions in the Western Balkans. After trees fell on the rails, passengers were trapped for over 12 hours in Knin, a town in northwest Croatia. Some towns in eastern Bosnia and western Serbia declared emergencies after experiencing power and water shortages. Snow closed schools in Poland. Some switched to remote learning. Heavy snowfall in Hungary on Wednesday morning caused delays for trains and buses. Reporting by Inti Landauro, Thomas Seythal, Louise Rasmussen, Alan Charlish, Daria Sito Sucic, and Jesus Calero, in Brussels; editing by Richard Lough.

• West Europe prepares for another wave snow and ice

  West Europe was bracing itself for more snow and freezing rain on Wednesday as the first named storm in the year hit the continent's Atlantic coast. As storm Goretti approached the region, more flights were cancelled and train services disrupted. Roads were also blocked. As the sun rose, heavy snow fell in?the _Paris region. The south of Britain will be affected most on Thursday and Friday. On Wednesday, cold weather warnings were issued for large parts of France and Britain. Meteo France, the French weather agency, warned that snow would extend across the northern half?of?the country Wednesday. Met Office in Britain said that ice warnings will remain in Scotland, but they would be lifted in England and Wales later in the morning. Paris bus services have been suspended as shops prepare for the New Year's Day sales. This week, a heavier snowfall in the region than normal has caused travel chaos. Dutch airline KLM has cancelled 600 flights at Amsterdam Schiphol Airport scheduled for Wednesday, marking the sixth day in a line of disruptions at one of Europe’s busiest hubs. KLM warned that it was running low on de-icing liquid for its jets. It also said that the delays in supplying supplies made it difficult to replenish stocks. Air France, its partner, said that it was unaware of any shortages. Schiphol Airport said that it had plenty of supplies of the de-icing liquid it uses to clear its runways. France's civil Aviation Authority?asked airlines?to cut 40% of flights from Paris' main international airport Roissy Charles de Gaulle, and?25% out of smaller Orly Airport. Some flights in Brussels were cancelled due to the de-icing on runways and aircraft wings. The Dutch authorities urged people to consider working from home, if at all possible. French officials have banned school buses and trucks from the road in a third all administrative departments. Carrefour CEO Alexandre Bompard stated that the truck ban will cause some disruptions to supply chains in particular for fresh produce. Reporting by Inti, Thomas and Louise Rasmussen. Editing by Richard Lough & Andrew Heavens.

• Turkey eliminates the 30-euro limit on goods sent via mail

  According to an official gazette published on Wednesday, the Turkish government has abolished a duty-free allowance of 30 euros ($35) for non-commercial items purchased abroad via mail or express cargo. The decision in the Gazette stated that the new rule would take effect within 30 days. Small personal orders from popular shopping sites abroad are likely to be affected by the new regulation. In 2024, the threshold was lowered from 30 euros to 27 euros, with an additional 3 euro shipping charge. Taxes are levied on goods shipped to Turkey which are not commercial. These taxes are 30% for EU origin products, 60% for other items and 20% for certain items.